The benefits that a business can gain by embracing technology are numerous. One of the most commonly used technologies in business in 2020 is automated invoicing. Gone are the days where staff had to slave over mountains of paperwork for accounts payable and receivable – with the introduction of automated invoicing processes, this once tedious task has now become an absolute breeze. Today, we have a look at some of the benefits of automating your invoicing process, so read on to find out more!
1: Time is Money
One of the biggest benefits that automated invoicing can bring to the table is the amount of time your business and accounting team will save by using automated invoicing. Manual processing of invoices is an incredibly time-consuming affair, and invoicing software solutions is one of the best ways to eliminate tedious manual tasks that can take up hours of the work week. According to a recent study, the introduction of automated invoicing can cut invoicing time down from 20.8 days to a mere 3.8. This time saved can instead be used on more pressing tasks or activities that can help generate more revenue for your business.
2: Reduce Your Error Rate
Where humans are involved, you’ll probably find human error lurking not too far behind. Human error is something that cannot be avoided but can be greatly reduced with the implementation of automated invoicing processes. Errors made on invoices can create unnecessary headaches for your business and can result in time lost, unhappy clients and accounting mishaps. By automating the invoicing process, you can be ensured that your invoices are human error-free and prepared with accuracy to the highest degree. Say goodbye to common mistakes and errors when you automate your business invoicing system.
3: Increased Employee Productivity
As mentioned above, an increase in employee productivity is one of the benefits that automated invoicing can contribute to. By reducing the amount of manual hours our staff put into preparing invoices, you free up a copious amount of time that can then be used on more productive aspects of business. As we know, increased employee productivity is key in growing your business and contributes to lower overhead and higher revenue.
4: Reduce Growing Pains
As a small business, one of the key goals is business growth. Along with growth can come growing pains, and automating your invoicing process is one of the ways in which you can greatly reduce this stress. Automation can help you with the expansion of your business by handling issues such as increased number of invoices to pay vendors and suppliers as your business expands. As your business grows, you will probably also need to hire more people and as we know, hiring costs money. With the implementation of automated processes, you will be able to keep new hires to a minimum whilst at the same time enjoying the expansion of your business and its success.
5: Reduced Storage Space
Last but not least, automating your invoicing process is a fantastic way to save on storage space. Many businesses often struggle with finding enough storage space for documents and paperwork. Thanks to automation, you’ll be able to enjoy a paperless AP process, and all your data will be stored online instead of messy file cabinets that are a nightmare to sort through. Having quick access to your invoices can also assist you in cutting costs associated with office supplies such as paper, printer ink and so forth.
Automating your invoicing process is one of the best things you can do as a business owner. We hope that this article has given you some insight into just a few of the many benefits that an automated invoicing process can offer to your business.
